- Earnings remained a key driver in Thursday's midday action. ViacomCBS (NASDAQ:VIAC) and STAAR Surgical (NASDAQ:STAA) both posted notable gains in intraday action, as investors reacted positively to new financial figures.
- Meanwhile, several big names suffered declines in the aftermath of their quarterly updates. Cigna (NYSE:CI) and GoDaddy (NYSE:GDDY) lost ground on earnings news.
- Thursday's midday action also saw some non-earnings stories generate notable stock moves. Veoneer (NYSE:VNE) jumped as Qualcomm (NASDAQ:QCOM) launched a bidding war for the firm. Astra Space (NASDAQ:ASTR) got a boost on word that it had set its launch window.
- The headline numbers in ViacomCBS's (VIAC) earnings report were a mixed bag. Earnings missed expectations, while revenue came in ahead of projections.
- However, investors latched onto growth in the company's streaming business, sending shares higher by 7% in intraday action.
- For his part, ViacomCBS's CEO characterized the streaming momentum as "fantastic," with revenue-per-customer growing compared to both last year and the previous quarter.
- STAAR Surgical (STAA) also gained ground following its earnings report. The company's profit beat expectations, with revenue that rose 77% to $62.4M. STAA jumped nearly 20% in midday trading.
- Cigna (CI) moved the other direction on earnings news. On the surface, the company's results beat expectations. However, it faced higher medical costs in the quarter and its earnings forecast was below consensus.
- Based on the cost outlook and its weak forecast, CI slipped nearly 12% during Thursday's intraday action.
- Post-earnings selling also gripped shares of GoDaddy (GDDY). The firm's 16% revenue growth exceeded expectations, with the top line reaching more than $931M.
- However, the firm's bottom line failed to meet consensus. The firm also issued a weak sales forecast. As a result, GDDY declined more than 12% in midday trading.
- Veoneer (VNE) received a substantial pop in its share price stock following a takeover bid from Qualcomm (QCOM). QCOM offered $37 per share for the company, topping a previous bid from Magna International (NYSE:MGA). The news sent VNE higher by 26%.
- Shares of Astra Space (ASTR) rallied after the company revealed that its STP-27AD1 mission has a launch window beginning on August 27. ASTR climbed 27% on the news.
- For more on today's most volatile names, read about stocks that are "On the Move."